Parsons (PSN) has issued an update.
On February 21, 2024, a company initiated an agreement with leading financial institutions to sell $700 million of convertible senior notes, with an additional $100 million option that was fully exercised, resulting in an $800 million issuance. To minimize potential stock dilution from conversions, the company also entered into capped call transactions with a premium cap price. The notes, set to mature in 2029, carry a 2.625% interest rate and have specific conversion terms, with the company retaining the right to redeem the notes under certain conditions. The notes rank senior to subordinated debt and are unsecured. The company’s recent press releases also announced the commencement of the offering, the pricing details, and an updated stock repurchase plan.
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